May 23, 2012 / 10:21 AM / 8 years ago

SE Asia Stocks-Slide as euro zone worries keep investors away

 May 23 (Reuters) - Southeast Asian stocks fell on Wednesday,
tracking losses across regional markets, as investors fretted
over the impact of the possibility of a Greek exit from the euro
zone.	
 Singapore's Straits Times index fell 1.5 percent
and closed at the day's lows bringing its losses for the month
to 6.5 percent. Indonesia lost 0.98 percent while
Thailand fell 1.84 percent as Tuesday's bounce from
oversold levels proved temporary.	
 Shares in PTT Exploration and Production fell more
than 5.9 percent to a seven-month low on concern about a
possible capital increase after the oil and gas explorer offered
$1.9 billion for Mozambique-focused explorer Cove Energy
. 	
 Along with energy stocks, financials across the region were
weak putting pressure on markets as the two sectors generally
carry the heaviest weights on regional benchmarks.	
 In Singapore, UOB Ltd and OCBC fell 2.6
percent and 2.2 percent respectively and were the top two drags
on Singapore's Straits Times index.	
 Analysts at BNP Paribas estimate that bank shares in the
ASEAN region could fall by about 16 percent, on average, in the
event of a mild global recession. 	
 While that remains the brokerage's most likely scenario, BNP
warned that if a global financial meltdown were to occur bank
stocks could see as much as a 50 percent drop that could take
valuations to those seen in the global financial crisis in 2008.	
 	
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SOUTHEAST ASIAN STOCK MARKETS	
 Change on day
 Market             Current     Prev Close    Pct Move
 Singapore          2780.42       2823.75       -1.53
 Kuala Lumpur       1539.71       1546.84       -0.46
 Bangkok            1110.70       1131.52       -1.84
 Jakarta            3981.58       4021.10       -0.98
 Manila             4928.53       4958.00       -0.60
 Ho Chi Minh         436.75        447.94       -2.25
 	
 Change on year
 Market             Current     End prev yr    Pct Move
 Singapore          2780.42       2646.35       +5.07
 Kuala Lumpur       1539.71       1530.73       +0.59
 Bangkok            1110.70       1025.32       +8.33
 Jakarta            3981.58       3821.99       +4.18
 Manila             4928.53       4371.96      +12.73
 Ho Chi Minh         436.75        351.55      +24.24
 	
 (Reporting by Vikram Subhedar; Editing by Sanjeev Miglani)	
 
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